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Moly Mines Ltd. (TSX:MOL,ASX:MOL) announced that it anticipates its shares being suspended from trading on the Australian Securities Exchange (ASX) from April 22, 2014.
Moly Mines Ltd. (TSX:MOL,ASX:MOL) announced that it anticipates its shares being suspended from trading on the Australian Securities Exchange (ASX) from April 22, 2014.
If that happens, the company will remain listed on the ASX and work toward again being able to “seek quotation of its shares.”
As quoted in the press release:
Australian Securities Exchange (‘ASX’) policy is to allow companies that have disposed of their main undertakings a 6 month period within which to satisfy ASX that the company has a sufficient level of operations to justify continued quotation of the company’s securities on the ASX. In view of the funds available for investment and the number of opportunities that were under consideration by Moly, the Board expected Moly to be in a position to implement an acquisition in time to satisfy the ASX’s continued operations policy.
The Board, after conducting appropriate due diligence enquiries and endeavouring in recent months to negotiate acquisition terms with various third parties, has ultimately rejected several opportunities as not being in the best interests of Moly given the assets and terms available. The Board is continuing to pursue its consideration of opportunities strategy while ensuring that Moly’s ongoing costs are reduced to the extent practicable. However, the Board is now of the view that implementation of the acquisition strategy will not be capable of completion within the ASX’s 6 month policy timeframe which will expire on 22 April 2014.
Click here to read the full Moly Mines Ltd. (TSX:MOL,ASX:MOL) press release.